Buy Bharti Airtel with a target at Rs 480: UBS

UBS maintains buy rating on Bharti Airtel post March quarter results and a 12-month target price of Rs 480. The revenues were largely in-line with estimates, and Ebitda came ahead of estimates. The strong momentum in African business saw highest growth in last 6 quarters.ET Now | April 28, 2016, 16:09 IST

The revenues were largely in-line with estimates, and Ebitda came ahead of estimates. The strong momentum in African business saw highest growth in last 6 quarters.

The strong volume trend in voice and data in Indian mobile business continued which augers well for the telecom major. According to the global investment bank, Bharti Airtel is likely to emerge as key beneficiary of potential data boom.

Separately, RCom initiated contempt proceedings in the apex court against the Department of Telecommunications, blaming it for delaying a spectrum sale that would have enabled dues to be paid to Ericsson and lenders.